TrueMark Investments LLC Acquires 24,424 Shares of AbbVie Inc. (NYSE:ABBV)

TrueMark Investments LLC increased its holdings in AbbVie Inc. (NYSE:ABBV) by 458.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 29,751 shares of the company’s stock after buying an additional 24,424 shares during the quarter. AbbVie comprises approximately 1.7% of TrueMark Investments LLC’s portfolio, making the stock its 13th biggest position. TrueMark Investments LLC’s holdings in AbbVie were worth $5,287,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Penobscot Investment Management Company Inc. lifted its holdings in shares of AbbVie by 0.6% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 77,453 shares of the company’s stock valued at $13,763,000 after buying an additional 491 shares during the period. Murphy & Mullick Capital Management Corp bought a new position in AbbVie in the fourth quarter valued at about $96,000. Florida Financial Advisors LLC boosted its position in AbbVie by 48.6% in the fourth quarter. Florida Financial Advisors LLC now owns 2,971 shares of the company’s stock worth $528,000 after purchasing an additional 971 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of AbbVie by 9.7% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 215,333 shares of the company’s stock valued at $38,265,000 after purchasing an additional 19,051 shares during the period. Finally, Bay Capital Advisors LLC bought a new position in shares of AbbVie in the 4th quarter worth approximately $556,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In related news, EVP Perry C. Siatis sold 5,778 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the transaction, the executive vice president now directly owns 22,381 shares in the company, valued at approximately $4,429,199.90. This represents a 20.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the sale, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. The trade was a 40.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,639 shares of company stock worth $11,067,025 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ABBV. Citigroup boosted their target price on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Guggenheim upped their price objective on AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Piper Sandler Companies reissued an “overweight” rating and set a $220.00 price target on shares of AbbVie in a report on Tuesday, December 17th. BMO Capital Markets upped their price target on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company lifted their price objective on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $211.45.

AbbVie Stock Down 3.8 %

Shares of ABBV opened at $201.12 on Wednesday. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The stock has a market capitalization of $355.05 billion, a price-to-earnings ratio of 83.80, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66. The business’s 50 day simple moving average is $195.65 and its 200-day simple moving average is $188.78.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same quarter in the previous year, the company posted $2.79 EPS. As a group, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.26%. AbbVie’s dividend payout ratio (DPR) is presently 273.33%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.